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Singapore's oil products stocks recover to a one-month high
Official data on Thursday showed that oil product inventories in Singapore, the Asian trading hub, have recovered to levels not seen for a month. They had fallen to 13-year lows last week, but they are now back at levels never before recorded. According to Enterprise Singapore, the number of barrels of oil products onshore totaled 42.19 millions in the week ending June 24. This is a 20% increase from the previous week. Since the U.S. and Israeli war against Iran began, global oil inventories are down by a large amount. Traffic through the Strait of Hormuz increased this week after peace talks ended, allowing for more cargoes transit. STOCKS REACH FOUR WEEK HIGHS Light distillates, middle distillates and residual fuels all reached four-week highs. The total gasoline exports for the week were approximately 11.45 million metric tonnes (97 million barrels), far exceeding imports which were roughly?266,000 ton. South Korea alone took nearly 10.77 millions tons, followed closely by Indonesia with around 242,000 ton. The naphtha inventory increased due to the fact that imports (3.2?million barrels), mainly from Russia, exceeded exports (86,000 tons). Cargoes arriving mostly from Russia, at 183,000 tons, were more than 60,000 tons of shipments destined primarily for Indonesia. This week there were no Middle Eastern fuel oil and naphtha imports, but market sources anticipate a recovery in supply due to the reopening the Strait. The residuum fuel oil inventory has risen to over 20 million barrels, the highest level since late May. This is a 35.4% increase from just a week ago to 20,3 million barrels (3,2 million tons). The total imports increased by 47%, reaching nearly 760,000 tonnes. South Korea emerged as the top origin with a volume of nearly 130,000 tones. Market sources reported that active refiners of fuel oil, including GS Caltex & S-Oil were the main contributors. The sources did not want their names to be made public because they were not authorized to speak with the media. Brazil is the second most popular origin, as part of the regular arbitrage supply from the West. Indonesia follows, selling residual fuel through regular tenders. Total fuel oil exports dropped 15% to 356,000 tonnes. MIDDLE DISTRILLATE EXPORTS?FALL Stockpiles of middle distillate rose by about 3% in this week, as exports dropped and imports remained'sluggish. Stockpiles rose by 283,000 barrels compared to a week ago, reaching around 8.52million barrels. The total imports of diesel, at around 141,000 tonnes, remained relatively stable from week to week. Taiwan and South Korea were the top importers. The total diesel exports fell by 57% to around 240,000 tonnes, with the majority of volumes going to Australia. The total imports of jet fuel fell by 11%, mainly from South Korea. The total exports were driven mainly by volumes sent to Australia. 43,000 tons of goods were exported.
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The dollar is weaker and risk appetite is higher, which leads to bargain-hunting.
After two days of 'heavy losses', copper?prices rose on Thursday as investors took advantage of bargains. A?weaker dollar and optimism across the wider financial markets also aided. London Metal Exchange benchmark three-month Copper gained 1.1% at $13,233 per metric ton, by 0915 GMT. This is after losing more than 4% in the previous two sessions. Ewa Mnthey, commodities analyst at ING, said: "Copper has recovered after a steep drop earlier in the week. This is due to a softer currency and an improved 'risk appetite. Stocks surged globally after Micron and Qualcomm's strong forecasts and earnings helped reignite AI rally. The metals market was also boosted by a weaker dollar index, which reached a 13-month high on Wednesday. This could be due to the belief that investors have in regards to interest rate hikes this year. The dollar's weakness makes the price of commodities in U.S. dollars cheaper for buyers who use other currencies. Manthey said that the mood was reserved. The broader macro-background remains challenging with expectations of higher U.S. rates for longer weighing on industrial materials more generally. LME aluminium increased 0.8% to $3.148 per ton, after giving up all its gains since the Iran War began in the previous session. In a note, analysts at Sucden Financial wrote that the decline "highlights the speed with which the market has repricing once energy concerns have?eased. The Shanghai Futures Exchange's most traded aluminium contract fell 2.6%, closing daytime trading at 22865 yuan (3360.82 dollars) per ton. It had earlier fallen to its lowest level since 2026. LME Nickel increased 0.3% to $16,860 per ton, after Indonesia's top producer said that it has not yet determined its quota of?nickel for 2026, amid speculation about an increase. Other?metals rose by 0.3% on the LME to $3,432 per ton. Lead increased 0.4% to $2,921 while tin grew 1.1% to $50,000.
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Heatwaves in Europe's schools
Children at the Harris Primary Academy Mayflower, located in Chafford Hundred just east of London cooled off by slurping ice lollies and splashing in paddling pools. Advikhaa said, "I feel cooler and airier" about the special measures. These include allowing the children to swap their school uniforms with lighter clothing. The aim is to make it easier for the children to cope with the high temperatures. Thousands of schools across Europe sent their pupils home because they couldn't find a short-term solution to the record-breaking heat. Many schools cannot protect their students from heat because such incidents are becoming more intense and frequent. Around 1,000 schools in England and Wales closed or shortened their school days, and authorities reported that attendance at the remaining open schools had decreased as parents kept children at home. Edouard Geffray, the French Education Minister, said that 13,500 French schools were closed on Thursday or on a special schedule due to heat. BRITISH TEACHERS PASSING OUT CLASS Few schools in Europe have air conditioning, which leaves classrooms hot and humid when temperatures are at their highest. The British Teaching Union NASUWT reported that several of its members fell asleep in class when temperatures reached 40 degrees Celsius on Tuesday. Wayne Bates, NASUWT’s national lead for safety and health, said that schools are not prepared to deal with temperatures of this kind. In France, teachers are resorting to makeshift remedies to combat the heat. Some teachers taped emergency blankets on windows, or used screwdrivers and misting sprays at school. Researchers have discovered that high classroom temperatures can have a negative impact on the learning process. Researchers found that lowering classroom temperatures from 30 C down to 20 C increased performance by 20%. Paul-Emile Perret Porret, 17, is a student at a Paris high school. He said that his parents booked an air-conditioned room for him on the night of 'his baccalaureat', France's crucial school-leaving examination, so he could have a good sleep. The heat can make it worse if you are unable to sleep the night before an exam. It's good to be in shape and spend the night with air conditioning, he said. Southern Europe is more used to dealing with summer heat. In June and September, most schools in Spain switch to a half day to avoid the afternoon heat. Spain, Greece, and Italy all break for holidays around mid-June. This is earlier than other European countries to the north. However, longer holidays can worsen social inequalities, with some families not being able to afford childcare or entertainment, as well as ways to protect their children from extreme temperatures, according to Desiree Zaugg. She is a child rights expert at UNICEF Switzerland and Liechtenstein. Northern Europe has been going in the opposite direction. Governments are trying to spread out holiday time evenly over the year. In 2017, the French government changed the holiday start date from the last week of June to the first full week of July. Many schools in southern Europe are looking for ways to combat the heat, as more heatwaves are expected as early as April or May. 60 C in SEVILLE School Boards Greenpeace installed thermal cameras in Spanish schools that recorded surface temperatures of up to?35 C. In classrooms, in Madrid. And?60 C. in schoolyards, in Seville. Barcelona's city authorities raised EUR100m ($114m) through a tourist tax in order to equip 170 schools with air conditioning before 2030. Parents from CEIP Unamuno School in Madrid protested in front of the town hall in Madrid earlier this month after learning that a bid they won last year for air conditioning, fans and shade in schoolyards had been allocated to replace windows in 'another school. France has 6200 projects underway to reduce heat in schools, as part of the EUR800 million allocated towards climate adaptation. Venetitay said that air conditioning is not the only solution to adapting schools. French unions are talking with their counterparts in southern Europe about possible solutions. She said that these?options? include adding plants to the schoolyards, and installing window filtering, which can?lower temperatures by 4 C. She added that exam times might need to be restricted?to the mornings when heatwaves are present. Thierry Pajot is the president of the School Principals' Union. He told FranceInfo that when France experiences its hottest day in history, it's sometimes best to send the pupils home. He said: "I don't want to hear about a student or a staff member dying because of the heatwave."
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Nigeria's NNPC invites bids for the new Cawthorne crude oil grade
According to a document seen on Wednesday, Nigeria's NNPC?state oil firm has invited bids for its newest?Cawthorne grade of oil. According to the document, the company is inviting bids on 950,000 barrels?of the light sweet crude that will be?loaded between July 10 and 11,?on a free-onboard basis. "The NTL Trading Limited" is running a trial process to determine the price of Cawthorne Crude, according to NNPC spokesperson Andy Odeh. Kpler data shows that after the crude's export began in March, it has been exported at a rate of 42,000 barrels a day in April and may. NNPC aims to increase?production, diversify exports and boost output as Nigeria tries to raise production after a?years-long underinvestment and oil theft. The launch of the grade follows recent additions like Nembe crude and Utapate to the country's exportable oil blends. The West African crude oil market is being pressured as other 'crude grades' start to enter the country, and as flows through the Strait of Hormuz begin to increase. Reporting by Seher dareen and Isaac Anyaogu, Editing by Jonathan Ananda & Louise Heavens
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Gold prices remain near seven-month lows as US rate hike prospects weigh
Gold prices are steady?on Friday?but remain near the seven-month low reached in the previous session as the expectation of interest rate increases in the U.S. weighs on the precious metal. As of 0843 GMT, spot gold remained at $3,999.33 an ounce. U.S. gold futures for August delivery slipped 0.2% to $4,014.90/oz. CME FedWatch data showed that the markets currently believe there is a 66% probability?that rates will be raised by the U.S. Federal Reserve in September. Nikos Tzabouras is a senior market analyst at Jefferies' Tradu.com. ETF outflows and the rotation to equities fueled by the AI boom, are factors that definitely weigh on gold, said Tzabouras. He noted that these forces tend be cyclical, but do not detract from the structural case for the precious metal. Bullion prices have fallen more than 6% since the Fed meeting last week. On Wednesday, they fell below $4,000 for the first since November 2025. Prices are down by over 28% compared to the record high of $5,594.82 that was reached on January 29. Investors are now awaiting the U.S. The Fed's preferred measure of inflation, Personal Consumption Spending data, is due at 1230 GMT. This will provide further clues about monetary policy. On the geopolitical side, Lebanon and Israel are examining a U.S. backed plan that would see Israeli forces handing over seized Hezbollah territory to the Lebanese Army. Silver spot rose by 0.4%, to $57.64 an ounce, while platinum fell 0.4%, to $1,571.95. Palladium climbed 1.6% to $1,184.70.
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Heatwave in London spurs calls for more action
London got a glimpse at the future during its eighth annual Climate Week after an event at the London School?Economics that was meant to discuss the effects?of extreme heat was cancelled due to the temperature. The event was to be held in an almost 100-year-old British building which relies on fans and natural ventilation to cool guests. Organisers said that they cancelled the event due to a potential risk to public safety. Chris Anderson, climate expert with the non-profit Practical action, said that the cancellation was a stark warning to everyone about the dangers a warming world poses. Anderson said that it was a real irony that a heat-related event in a temperate country with a wealthy population had to be cancelled. Extreme Heat Warning Helen Clarkson CEO of Climate Group said that the heatwave was a sign that "science is coming to life" and the reality clearly shows there will be more to come. The government had issued an extreme heat alert and many schools were closed. Organizers said that more than 75,000 people from government, businesses, finance, and civil society attended 1,300 events to discuss ways to accelerate climate change in advance of the 'COP31 climate talks, which will take place in Turkey, in November. The focus was on resilience to extreme weather, such as heat and droughts. U.N. Secretary General Antonio Guterres urged governments to take more steps to fund projects and to tax windfall profits from fossil fuel producers. A Lancet report from October said that global deaths due to heat have increased by 23% in the past 20 years, to average 546,000 deaths per year. Many of these deaths are occurring in developing countries. The UK Climate Change Committee (an independent body that advises the government) has described preparations as "inadequate". It estimates that an investment of approximately PS11 billion per year will be needed to correct this. Heat-related deaths may exceed 10,000 per year by 2050, according to the report. ASIAN COUNTRIES RISK THE MOST Speakers - from Guterres, to British Minister Ed Miliband, and the leader in the Pacific nation of Palau - referred to the abnormally warm weather as they urged the audience to act sooner to curb global warming. Unilever and Danone, two of the world's largest food companies, both told LSEG attendees that they would be investing in reducing carbon dioxide and water usage in agriculture. Bertrand Millot is the head of sustainability for La Caisse, a Canadian pension fund. He said that Asian countries were among the most vulnerable and needed to adapt rapidly. "It is a matter of survival... and businesses need to be prepared." (Berna Lewis contributed additional reporting; Milla Nissi Prussak edited the article)
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Sources say that Iraq has weighed all options if OPEC quotas are not increased and is considering leaving the bloc.
Iraq has weighed the possibility of leaving OPEC if it's quota is not increased significantly, according to sources familiar with Iraqi oil policy. The possibility that OPEC’s second largest producer is considering a departure would be a blow to the group, especially after the departure of the United Arab Emirates this year. Iraq was one of five founding members when OPEC was founded in the Iraqi capital. Iraq is in a financial crisis due to the Iran War and a rise in its OPEC quota must be taken seriously, a senior Iraqi official from the oil ministry told?. He said that Iraq considered leaving OPEC but its current plan is to remain a part of it and work towards a larger quota. Saudi Arabia and other OPEC members should take this issue very seriously. He said that if this is not done, "Iraq would be forced to consider all options." When asked if they discussed an OPEC withdrawal, he replied: "It is still too early for this step". OPEC didn't immediately respond to a comment request. A spokesperson for the Iraqi government said that the country was working hard to restore its full oil export capability, but refused to comment on the OPEC quota it holds or the possibility that the country could leave the group. Haider al Aboudi, Iraqi spokesperson, said that Iraq is working to restore the full capacity of its oil exports and hopes to increase oil production to seven million barrels a day in the next few years. After the report, oil prices briefly continued to decline. They traded below $73 per barrel. Since assuming office in May, Iraqi Premier Ali al-Zaidi's administration has placed a high priority on reviving Iraq's economic growth, attracting foreign investments, and fighting corruption. State news agency INA reported that on Wednesday, he stated Iraq wanted OPEC to increase Iraqi oil production in line with its capacity and population. Seven members of OPEC+ increased their production quotas between April and June by nearly 600,000 barrels per day. OPEC+ is made up of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers including Russia. (Reporting and writing by Maha El-Dahan, Alex Lawler, and Alex Lawler, with additional reporting by Muayad Hamid; editing by Alexandra Hudson and Michael Georgy)
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Aluminium prices at pre-war levels despite declining Middle-East Risk Premium
Aluminum traded at a level similar to that of the pre-Middle?East War levels for the second trading day as the market priced in its conflict risk premium. Benchmark?aluminium for three months on the 'London Metal Exchange' edged up by?0.14%?to $3,127 per metric ton at 0701 GMT. This marks a 8% decline since the beginning of the week. The Shanghai Futures Exchange's most traded aluminium contract closed daytime trading down by 2.58% at 22,865 Yuan ($3,360.82). It fell earlier in the session to 22,665 Yuan per ton ($3,360.82), its lowest level since 2026. Analysts at Sucden Financial noted that the decline "highlights the rapidity with which the market repriced after energy concerns eased, and the narrative shifted from disruption to a normalisation." Since the U.S.-Iran long-term negotiations ended without major incident on Monday, the market has reassessed its risk. The Sucden analysts noted that "base metals are now trading macro and position dynamics, as the geopolitical premium has largely been unwound. Flows have also become more cautious." Prices are also affected by concerns that longer-term interest rates will restrain the economy and reduce demand for industrial metals, which are dependent on growth. Benchmark LME?three-month Copper gained 0.35% while the most traded SHFE contract fell by 1.82%. Nickel, which is used widely in stainless steel, electric vehicle batteries and other products, also had a volatile trading day due to unclear supply expectations. Benchmark?LME nickel three-month?increased by 0.31%. The SHFE was down by 0.79% after falling earlier by 3.02%. The Indonesian mining ministry clarified it has not yet set its nickel production cap for 2026 despite'speculation' that the cap will be increased. Zinc?lost 0.5 %, lead fell 0.21% and tin gained 0.45%. On the SHFE, meanwhile, zinc fell 1.74%, while lead dropped 0.95%, and tin fell 2.18%. ($1 = 6.8034 Chinese Yuan Renminbi) Reporting by Solomon Cefai, Editing by Ronojoy Mazumdar
Sweden has approved the first funding package for new nuclear power plants, says PM
Sweden's government has reached an agreement with Videberg Kraft on the first package of financing to build new nuclear reactors, Swedish Prime Minister Ulf Kritersson announced on Thursday.
Kristersson, a reporter, said that the state would also be a?owner' in this project.
Kristersson did not give any?details? of the package's financing, which must be approved by the European Commission.
In a press release, the government announced that it would take a 60% stake in Videberg Kraft. Currently, Vattenfall owns 80% of Videberg Kraft and a group of industrial companies holds 20%. Vattenfall will lose 20% of its stake, according to the government.
The Swedish parliament passed legislation last year to finance the construction of a new generation reactors. This is the first time in more than 40 years that a nuclear reactor has been built in Sweden. According to the government, this is essential for energy security as well as achieving net zero emissions by 2045.
Vattenfall chose the British company Rolls-Royce SMR over GE Vernova earlier this month to supply small nuclear reactors. In a deal valued at several billion pounds, Vattenfall chose Rolls-Royce SMR over GE Vernova.
(source: Reuters)